Saudi Arabia’s ADES Holding Company (ADES) has attracted $76.5bn (SAR286.9bn) in orders for its $1.2bninitial public offering (IPO) on the Saudi Exchange, in what is set to be the country’s biggest listing of the year.

ADES set the final offer price for the offering at SAR13.50 per share, implying a market capitalisation of SAR15.2bn at listing.

According to oil and gas drilling and production services provider, the demand level represents a subscription coverage of 62.7 times.

Meanwhile, the retail subscription period will last for three days, between September 26 and September 28.

ADES IPO: number of shares on offer

The company put up 237.1million new shares in the IPO while its shareholders, which include Public Investment Fund, ADES Investments Holding and Zamil Group Investment, are selling about 101.6 million shares.

“The sale shares represent 9 per cent and the new shares represent 21 per cent of the company’s issued share capital upon completion of the offering, totalling 30 per cent of the issued share capital,” the company said in an earlier statement.

The company has a fleet of 85 rigs and operations across seven countries, including India where three rigs will be operating this year, according to its website.

Its revenue from contracts with customers reached SAR1.98bn ($528m) in the first half of the year.

It made a profit of SAR397.6m in 2022.